TLDR
- Five Wall Street firms initiated BitGo (BTGO) coverage this week; four issued Buy or equivalent ratings.
- Mizuho started with Outperform and $17 target; Canaccord Buy at $15; Clear Street Buy at $18 — the highest of the group.
- Clear Street projects ~30% net revenue growth and ~60% adjusted EBITDA CAGR through 2028.
- Compass Point, Deutsche Bank, and Cantor Fitzgerald all bullish; Goldman Sachs the only Neutral at $11.50.
- BitGo manages over $100 billion in assets; profitable with a P/E of 14.04 but gross margin sits at just 1.64%.
Wall Street wasted no time getting behind BitGo this week, with five firms kicking off coverage in quick succession — and the bulls clearly outnumber the bears.
Mizuho’s Dan Dolev opened with an Outperform rating and a $17 price target, calling out BitGo’s institutional custody infrastructure and what he described as a “sticky” recurring revenue model that holds up better than transaction-driven competitors.
Canaccord joined with a Buy and a $15 price target, pointing to BitGo’s standing as a top global player in institutional digital asset custody — one that pairs cold storage security with around-the-clock liquidity access across spot and derivatives markets.
The Case for 67% Upside
Clear Street brought the most aggressive initiation, launching coverage with a Buy and an $18 price target. With BTGO trading near $10.76, that target implies roughly 67% upside.
The firm’s outlook centers on an earnings inflection point as recurring infrastructure revenue begins to outpace operating costs. Clear Street forecasts about 30% net revenue growth and around 60% adjusted EBITDA CAGR through 2028.
Margin expansion is a key part of the story — adjusted EBITDA margins are expected to grow from around 15% in 2025 to approximately 29% by 2028, fueled by subscription revenue and stablecoin fee exposure.
InvestingPro data confirms BitGo is profitable, with a P/E ratio of 14.04. The gross profit margin of 1.64% is thin, and the stock is currently flagged as trading above its calculated Fair Value.
Where the Street Stands
Compass Point started coverage at Buy, highlighting BitGo’s move toward a full-service prime brokerage model. The firm noted custody fees represent close to half of total net revenue.
Deutsche Bank came in at Buy, backing the company’s positioning to capture growing institutional crypto demand in the U.S. market.
Cantor Fitzgerald rated the stock Overweight, emphasizing that BitGo operates as an infrastructure and software layer — giving it a degree of separation from direct crypto price swings and trading volume fluctuations.
Goldman Sachs was the lone voice of caution, initiating at Neutral with an $11.50 price target tied to adjusted EBITDA. Every other firm in the group landed at Buy or better.
Mizuho pointed out that BitGo oversees more than $100 billion in assets on its platform, a scale figure that came up repeatedly across multiple initiations as a key differentiator.
The gap between Goldman’s $11.50 floor and Clear Street’s $18 ceiling gives BTGO one of the wider analyst target ranges in the digital asset space right now.
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